China North East Petroleum Holdings has reported that its sales revenue and net profit increased 221% and 746%, respectively, for the second quarter of 2007.
Revenues were $4.1 million for the second quarter of 2007, compared to $1.3 million for the second quarter of 2006, an increase of $2.2 million, or 221%. Net income increased by 740% from $148,243 for the second quarter of 2006 to $1.3 million for the three months ended June 30, 2007, primarily as a result of a 221% increase in sales. Earnings per share were $0.04, compared to $0.01 in the prior year.
For the six months ended June 30, 2007, revenues were $6 milion, compared to $2.4 million for the same period in 2006, an increase of $3.6 million, or 150%. This increase was due to an increase in crude oil production.
The company’s output of crude oil for the six months ended June 30, 2007 was 12,732 tons, compared to 5,086.4 tons for the same period in 2006. The increase in production was mainly because of the new wells being taken into production.
Hongjun Wang, president, said: We are very pleased with our company’s latest financial results.
We successfully completed a large scale well drilling project. At the present time, we have more than 110 wells in production. A new drilling project will commence in the near future, he added.